There’s a reason they call retirement the golden years. After all, it’s a golden opportunity to do everything you ever wanted to do, without work or daily family responsibilities to worry about during the 9-to-5.
It’s easy to see the appeal of continuing care retirement communities, which are typically luxury, buy-in retirement communities that offer upscale decor, furnishings and amenities and opportunities for dining and socializing.
“Friends and couples can stay close without having to drive to visit each other,” noted Jennifer Smith of South Bay at Mount Pleasant.
In addition, many CCRCs boast robust programming, which makes it easy for residents to pursue passions and new hobbies and make new friends, too.
Plus, many retirees fear that they’ll have to reassess their living situation in a few years as their medical needs change.
“In a CCRC, you never have to move to another community because you require a higher level of care,” said Smith. “A CCRC has independent living, assisted living, memory care, rehab and skilled nursing, all on the same location.”
Are CCRCs Too Good to Be True?
There’s are a couple of things that make this scenario a little too good to be true for some: First of all, traditional, buy-in CCRCs can be costly, depleting a retirement fund and giving residents less control over their life’s savings. A lot of seniors today want more, not less, flexibility – and being tied to a community can make it harder to travel and simply feel free to enjoy their retirement however they choose without worrying about their nest egg vanishing too early. That’s why rental CCRCs, such as South Bay at Mount Pleasant, are becoming a popular option for seniors who want to have their cake and eat it, too. Rentals offer the best of both worlds –luxury living and the freedoms that retirees really want.
Benefits of Choosing a Rental CCRC
Because they are rentals, there’s no upfront fees: Residents pay only for the services they need. “Their money can remain in their financial portfolio and continue to grow rather than paying a large entrance fee to the community,” Smith explained. Renting also makes it relatively easy to move to be closer to family in another part of the country or simply to have a new adventure after a few years. You don’t have to make compromises in your retirement years – and you shouldn’t have to! If you’re looking for a flexible, affordable situation with all the luxuries and freedoms – financial and otherwise – you’ve always dreamed of, a rental CCRC may be exactly what you’re looking for.